This paper deals with the investigation of the behavior of a low speed, dual rotor-single coreless stator, axial flux permanent magnet synchronous machine for small power applications. Firstly, with the use of nonlinear 3D FEM electromagnetic analysis, four models with different magnet topologies are designed, simulated and compared. With criteria such as output power, power factor and torque ripple, the best performing model is selected and a further investigation, regarding the effect of the disk rotor material on the behavior of the machine, is conducted. The simulation results show how the different types of commercially available steel types affect the magnetic field and the performance of the machine.